Costa Group hits over 7-year low on flagging 'considerably lower' citrus production

Costa group

17/10/2022 01:23

** Shares of fruit grower Costa Group Holdings  CGC.AX 
tumble as 16.5% to A$1.93, their lowest level since Sept. 24,
2015
    ** CGC says earnings from its citrus produce for FY will be
"considerably lower" than prior forecasts  urn:newsml:reuters.com:*:nASX7pFsVG
    ** Says adverse weather conditions, including both higher
rainfall and cooler temperatures have persisted
    ** Adds producing crops in challenging conditions has led to
higher labour expenditure, as well as higher spraying costs in
relation to pest and disease control 
    ** Says, however, that FY EBITDA excluding material items is
expected to be marginally ahead of last year
    ** Stock posts its biggest intraday pct gain/fall since xx
    ** More than 6.5 mln shares change hands, vs the 30-day
average volume of ~1.4 mln shares
    ** Stock down 23.8% this year as of last close
 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))